Flipkart backed Blackbuck Shifts Gears Towards Public Listing

Preeti Bali / 6:14 am / June 17, 2024

Online trucking platform Blackbuck has taken a significant stride towards its planned initial public offering (IPO) by converting into a public company. This move marks a crucial step in the company’s journey towards a public listing.

Name Change and Funding Potential

The company, previously known as Zinka Logistics Solutions Private Limited, has officially changed its name to Zinka Logistics Solutions Limited. This conversion is expected to open doors for Blackbuck to access a wider pool of investors and raise the necessary capital for its growth and expansion plans.

Nine-Year Journey and Key Investors

Founded nine years ago, Blackbuck has emerged as a leading player in the B2B logistics sector, providing long-haul trucking and intercity logistics solutions to businesses of all sizes. The company has raised over $350 million in funding to date, with notable investors including Tribe Capital, IFC Emerging Asia Fund, and VEF. Accel holds the largest external stake in the company, followed by Quickroutes International and Sans Capital Growth.

Financial Performance and IPO Plans

Despite a 15.5% decrease in revenue from operations in FY23 compared to FY22, Blackbuck managed to control its expenses and limit its losses. The company is reportedly planning to go public in the second half of FY25, aiming to raise up to $300 million in capital. This move would make Blackbuck one of the few tech companies to go public after experiencing a decline in revenue for three consecutive years.

Amidst a Wave of Tech IPOs

Blackbuck’s potential IPO comes amidst a wave of new-age internet companies going public in 2024. Several companies like TBO tech, Digit Insurance, and Awfis have already listed, while others like Ola Electric, MobiKwik, and FirstCry are preparing for their public debuts.

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